Korean bulk and liquefied natural gas (LNG) transportation firm H-Line has signed a contract to build LNG-powered bulk carriers at Hyundai Samho Heavy Industries, according to the Ministry of Maritime Affairs and Fisheries.
The newbuildings will start operating on Korean-Australian routes from 2021 onwards.
Korea is making an effort to promote the use of LNG as a marine fuel and recognises the construction of LNG-fuelled newbuildings at local yards as part of contributions to its shipbuilding economy.
Projects by shipping firms to replace older ships of more than 20 years with LNG-powered newbuilds will be able to receive subsidies equal to between 5 to 10% of the ship price.
“We expect that the LNG bulk carrier will be a new hope for shipping and shipbuilding industries that are experiencing difficulties," said Choi Joon-wook, director of the Ocean Policy Division at the Ministry of Maritime Affairs and Fisheries.
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Published: 15 October, 2018
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